PTT and Subsidiaries Plunge after an Oil Price Slump and U.S. Virus Cases Climb

The share price of PTT Public Company Limited (PTT) and its subsidiaries all plunged on Friday, following the plummet in the regional market and the overnight bloodbath in the U.S.

 

As of 10:24 local time in Thailand (GMT+7), PTT dropped ฿1.50/share or 3.9% to ฿37.00/share with a trading value of 995 million baht.

PTT Exploration and Production Public Company Limited (PTTEP) fell ฿4.00/share or 4.28% to ฿89.50/share with a trading value of 784 million baht.

PTT Global Chemical Public Company Limited (PTTGC) shedded ฿2.50/share or 5.35% to ฿44.25/share with a trading value of 627 million baht.

Thai Oil Public Company Limited (TOP) lost ฿2.50/share or 5.43% to ฿43.50/share with a trading value of 310 million baht.

Global Power Synergy Public Company Limited (GPSC) dipped ฿1.75/share or 2.23% to ฿76.75/share with a trading value of 411 million baht.

IRPC Public Company Limited (IRPC) plunged ฿0.08/share or 2.82% to ฿2.76/share with a trading value of 76 million baht.

 

Last night, WTI for July dropped $3.26/bbl or 8.2% to $36.34/bbl. Meanwhile, Brent for August fell $3.18/bbl or 7.6% to $38.55/bbl. Both commodities fell from the $40 level earlier this week.

 

Overnight, Dow Jones dropped 1,861.82 points or 6.9% to close at 25,128.17 points, while S&P 500 fell 5.89% and Nasdaq saw a 5.27% drop after reaching its all-time high in the previous session.

The retreat came after the Fed’s Chairman Jerome Powell affirmed of maintaining the policy rates at 0-0.25% through 2022, raising concerns of the slow economic recovery in the U.S. Moreover, the U.S. coronavirus cases just surpassed 2 million with 112,834 deaths, holding the record of most infections and deaths in the world. Meanwhile, 18 states in the U.S. are seeing an uptick of new cases, causing concerns of the second wave amid mass protest in the nation.